October 3 is the new launch date for the new residential closing regulations from the Consumer Finance Protection Bureau (“CFPB”). For the residential lending business, this means new waiting periods for closings, new forms, new technology, new reporting requirements, and new security procedures.
At Ivy Pointe Title, we have been preparing for this date for a long time, including educating ourselves, as well as Realtors and lenders with whom we work, on the new forms and procedures, adding new technology to meet the demanding requirements of the CFPB, and even changing our office layout to meet the demanding new requirements of the CFPB regulations.
One cautionary note we provide to our clients: As you are writing residential purchase contracts to close after late September, leave more time for the closing and be super-cautious about simultaneous closings where the seller sells one house, and tries to close on the purchase of a second house the same day. The CFPB timing requirements may well foul up these otherwise well-laid plans.
We are ready to go on that launch date to continue to close your transactions — accurately and on time, every time.